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    • gtanny
    • By gtanny 19th Mar 17, 7:45 PM
    • 179Posts
    • 96Thanks
    Loan settlement figure
    • #1
    • 19th Mar 17, 7:45 PM
    Loan settlement figure 19th Mar 17 at 7:45 PM
    Hi All,

    After a not great credit rating i took a loan out with honeycomb finance for 10k in October last year with an horrifying 35% APR (unfortunately it was the best i could get and i needed the cash)

    i now have 12k sat in my account to repay this at a much better rate of 14% (still not great but 5k less over the term), now i cant ring them till i get a break at work tomorrow but i tried looking online at settlement calculators but one gives me repayment figure of £9880 and the other worries me as it shows £10750.

    i know you tend to pay the interest off gradually but surely in the 5 months payments totalling pennies under £1800 i should of paid off more then £120 of the loan?

    i know only the loan company can give me a definitive answer and they will tomorrow but £1680 it seems a lot of interest in 5 months.

    edit: just done some quick calculations and I'm getting around £9650 ish settlement figure so still harsh but i suppose i have little to no option if i want rid without a black mark on my file.
    Last edited by gtanny; 19-03-2017 at 7:53 PM.
Page 1
    • venison
    • By venison 19th Mar 17, 8:06 PM
    • 1,764 Posts
    • 1,881 Thanks
    • #2
    • 19th Mar 17, 8:06 PM
    • #2
    • 19th Mar 17, 8:06 PM
    The interest is higher at the start of the loan, for early settlement they should only add 2 months interest.
    I am a BG on loans,credit cards and benefits I volunteer to help get your forum questions answered and keep the forum running smoothly". Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to Any views are mine and not the official line of
    • zx81
    • By zx81 19th Mar 17, 8:19 PM
    • 15,987 Posts
    • 16,978 Thanks
    • #3
    • 19th Mar 17, 8:19 PM
    • #3
    • 19th Mar 17, 8:19 PM
    The figures look about right.
    • gtanny
    • By gtanny 19th Mar 17, 9:06 PM
    • 179 Posts
    • 96 Thanks
    • #4
    • 19th Mar 17, 9:06 PM
    • #4
    • 19th Mar 17, 9:06 PM
    Cheers, seems steep but I understand how the loan works so it's fine.

    I'll try negotiating if I get a helpful member of staff but I know I am very unlikely to get anywhere

    Still going to be over 4k better off over the course of the loan and £100+ a month less outgoings so it's for the better to take the hit now.
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